Reports Sales of $2.85 billion, up 18
Percent
Reports Earnings per Share of $2.56;
Adjusted1 Earnings per Share of $3.34
Updates 2024 Earnings Expectations
Declares Quarterly Cash Dividend of $0.46
Per Share
Oshkosh Corporation (NYSE: OSK), a leading innovator of
purpose-built vehicles and equipment, today reported 2024 second
quarter net income of $168.6 million, or $2.56 per diluted share,
compared to net income of $175.0 million, or $2.67 per diluted
share, for the second quarter of 2023. Adjusted1 net income was
$219.8 million, or $3.34 per diluted share, for the second quarter
of 2024 compared to $179.6 million, or $2.74 per diluted share, for
the second quarter of 2023. Comparisons in this news release are to
the second quarter of 2023, unless otherwise noted.
Consolidated sales in the second quarter of 2024 increased
$433.8 million, or 18.0 percent, to $2.85 billion primarily due to
improved organic sales volume in all three segments, sales related
to the AeroTech acquisition of $192.0 million and improved
pricing.
Consolidated operating income in the second quarter of 2024
increased 11.1 percent to $260.9 million, or 9.2 percent of sales,
compared to $234.9 million, or 9.7 percent of sales, in the second
quarter of 2023. The increase in operating income was primarily due
to favorable price/cost dynamics and higher organic sales volume,
offset in part by intangible asset impairments in the Defense
segment of $51.6 million, higher new product development spending
and higher operating costs to support the higher sales levels.
Adjusted1 operating income in the second quarter of 2024 increased
36.1 percent to $328.2 million, or 11.5 percent of sales, compared
to $241.1 million, or 10.0 percent of sales, in the second quarter
of 2023.
“We are pleased to report another quarter of strong performance
highlighted by growth in revenue, adjusted operating income and
adjusted earnings per share,” said John Pfeifer, president and
chief executive officer of Oshkosh Corporation. “In the second
quarter, we grew revenues by 18 percent and adjusted operating
income by 36 percent, leading to an adjusted operating margin of
11.5 percent and adjusted earnings per share of $3.34. Our
exceptional performance is a testament to the outstanding execution
of our 18,000 Oshkosh team members who share a passion for our
mission.
“We reached a significant milestone in our partnership with the
US Postal Service (USPS) during the quarter as we began low volume
production of our Next Generation Delivery Vehicles (NGDV). We look
forward to continuing to support the USPS on its journey to
modernize and decarbonize its fleet.
“Given our strong performance in the first half of the year and
continued confidence in our outlook, we are updating our full-year
guidance for earnings per share to be in the range of $10.45 and
raising our full-year guidance for adjusted earnings per share to
be in the range of $11.75.
“As we look forward, we have a positive outlook for 2025. Based
on discussions with customers and our expectations for ongoing
infrastructure investments, mega projects, industrial onshoring and
current fleet age, we expect Access segment sales in 2025 to be in
the range of 2024 sales. In our Defense segment, we expect that
revenues from the ramp up of NGDVs in 2025 will more than offset
the decline of Joint Light Tactical Vehicle (JLTV) revenues from
2024 to 2025. Additionally, our Vocational segment has excellent
visibility with a large backlog and strong pricing, which supports
continued revenue and margin growth.
“This is an exciting time for Oshkosh. Our investments in
innovation and capacity underpin our Innovate. Serve. Advance.
strategy, enabling us to support our customers and remain at the
forefront of our industries,” said Pfeifer.
Factors affecting second quarter results for the Company’s
business segments included:
Access - Access segment sales for the second quarter of
2024 increased 5.9 percent to $1.41 billion primarily as a result
of higher sales volume in North America.
Access segment operating income in the second quarter of 2024
increased 16.4 percent to $246.5 million, or 17.5 percent of sales,
compared to $211.7 million, or 15.9 percent of sales, in the second
quarter of 2023. The increase was primarily due to higher sales
volume, favorable price/cost dynamics and improved sales mix,
offset in part by increased selling, general and administrative
costs.
Adjusted1 operating income in the second quarter of 2024 was
$248.8 million, or 17.7 percent of sales, compared to $214.0
million, or 16.1 percent of sales, in the second quarter of
2023.
Defense - Defense segment sales for the second quarter of
2024 increased 20.2 percent to $598.7 million due to higher Family
of Medium Tactical Vehicle sales volume, the commencement of NGDV
production for the USPS and higher aftermarket parts volume.
The Defense segment had an operating loss in the second quarter
of 2024 of $39.9 million, or 6.7 percent of sales, compared to
operating income of $6.3 million, or 1.3 percent of sales, in the
second quarter of 2023. The operating loss was the result of
intangible asset impairments at Pratt Miller of $51.6 million as
market conditions led to a decline in expectations of future
performance.
Adjusted1 operating income in the second quarter of 2024 was
$13.1 million, or 2.2 percent of sales, compared to $7.5 million,
or 1.5 percent of sales, in the second quarter of 2023. Adjusted1
operating income increased as a result of higher sales volume,
offset in part by start-up costs on the NGDV program and adverse
production variances.
Vocational - Vocational segment sales for the second
quarter of 2024 increased $255.6 million, or 43.5 percent to $843.1
million due to the inclusion of sales related to the AeroTech
acquisition, improved pricing and improved organic sales volume.
AeroTech had sales of $192.0 million during the second quarter of
2024.
Vocational segment operating income in the second quarter of
2024 increased 76.0 percent to $106.5 million, or 12.6 percent of
sales, compared to $60.5 million, or 10.3 percent of sales, in the
second quarter of 2023. The increase was primarily due to improved
price/cost dynamics and higher organic sales volume.
Adjusted1 operating income in the second quarter of 2024 was
$118.5 million, or 14.1 percent of sales, compared to $63.2
million, or 10.8 percent of sales, in the second quarter of
2023.
Corporate - Corporate costs in the second quarter of 2024
increased $8.6 million to $52.2 million due to higher new product
development investments and higher compensation costs.
Interest Expense Net of Interest Income - Interest
expense net of interest income in the second quarter of 2024
increased $22.2 million to $30.3 million due to increased
borrowings on the Company's revolving credit facility following the
acquisition of AeroTech.
Miscellaneous, net - Miscellaneous expense, net in the
second quarter of 2024 was $1.5 million compared to miscellaneous
income, net of $4.8 million in the second quarter of 2023.
Provision for Income Taxes - The Company recorded income
tax expense in the second quarter of 2024 of $53.5 million, or 23.4
percent of pre-tax income, compared to $56.3 million, or 24.3
percent of pre-tax income, in the second quarter of 2023.
Losses of unconsolidated affiliates - Losses of
unconsolidated affiliates in the second quarter of 2024 increased
$6.7 million to $7.0 million due to an impairment of an equity
method investment of $6.7 million.
Repurchases of common stock - The Company repurchased
334,699 shares of common stock in the second quarter of 2024 for
$39.5 million, compared to 92,626 shares for $7.4 million in the
second quarter of 2023.
Six-month Results
The Company reported net sales for the first six months of 2024
of $5.39 billion and net income of $348.0 million, or $5.27 per
diluted share. This compares with net sales of $4.68 billion and
net income of $263.5 million, or $4.01 per diluted share, for the
six months ended June 30, 2023. The increase in net income for the
first six months of 2024 compared to the six months ended June 30,
2023 was primarily due to improved price/cost dynamics, higher
organic sales volume and favorable mix, offset in part by the
intangible asset impairments, higher interest expense net of
interest income and higher new product development investments.
Adjusted1 net income for the first six months of 2024 was $410.9
million, or $6.23 per diluted share compared to $287.2 million, or
$4.37 per diluted share, for the six months ended June 30,
2023.
2024 Expectations
The Company expects its 2024 diluted earnings per share to be in
the range of $10.45 and its adjusted1 earnings per share to be in
the range of $11.75, compared to its previous estimates of $10.55
and $11.25, respectively. The Company continues to expect net sales
of approximately $10.7 billion in 2024.
Dividend Announcement
The Company’s Board of Directors today declared a quarterly cash
dividend of $0.46 per share of Common Stock. The dividend will be
payable on August 30, 2024 to shareholders of record as of August
16, 2024.
Conference Call
The Company will host a conference call at 9:00 a.m. EDT this
morning to discuss its second quarter results and its 2024 outlook.
Slides for the call will be available on the Company’s website
beginning at 7:00 a.m. EDT this morning. The call will be
simultaneously webcast. To access the webcast, go to
oshkoshcorp.com at least 15 minutes prior to the event and follow
instructions for listening to the webcast. An audio replay of the
call and related question and answer session will be available for
12 months at this website.
____________________________
1 This news release refers to GAAP (U.S.
generally accepted accounting principles) and non-GAAP financial
measures. Oshkosh Corporation believes that the non-GAAP measures
provide investors a useful comparison of the Company’s performance
to prior period results. These non-GAAP measures may not be
comparable to similarly-titled measures disclosed by other
companies. A reconciliation of the Company’s presented non-GAAP
measures to the most directly comparable GAAP measures can be found
under the caption “Non-GAAP Financial Measures” in this news
release.
Forward Looking
Statements
This news release contains statements that the Company believes
to be “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical fact, including, without
limitation, statements regarding the Company’s future financial
position, business strategy, targets, projected sales, costs,
earnings, capital expenditures, debt levels and cash flows, and
plans and objectives of management for future operations, are
forward-looking statements. When used in this news release, words
such as “may,” “will,” “expect,” “intend,” “estimate,”
“anticipate,” “believe,” “should,” “project,” “confident” or “plan”
or the negative thereof or variations thereon or similar
terminology are generally intended to identify forward-looking
statements. These forward-looking statements are not guarantees of
future performance and are subject to risks, uncertainties,
assumptions and other factors, some of which are beyond the
Company’s control, which could cause actual results to differ
materially from those expressed or implied by such forward-looking
statements. These factors include the cyclical nature of the
Company’s access equipment, fire apparatus, refuse collection and
air transportation equipment markets, which are particularly
impacted by the strength of U.S. and European economies and
construction seasons; the Company’s estimates of access equipment
demand which, among other factors, is influenced by historical
customer buying patterns and rental company fleet replacement
strategies; the impact of orders and costs on the U.S. Postal
Service contract; the impact of severe weather, war, natural
disasters or pandemics that may affect the Company, its suppliers
or its customers; the Company’s ability to increase prices to raise
margins or to offset higher input costs, including increased raw
material, labor, freight and overhead costs; the Company's ability
to accurately predict future input costs associated with Defense
contracts; the Company’s ability to attract and retain production
labor in a timely manner; the Company's ability to successfully
integrate the AeroTech acquisition and to realize the anticipated
benefits associated with the same; the strength of the U.S. dollar
and its impact on Company exports, translation of foreign sales and
the cost of purchased materials; the Company’s ability to predict
the level and timing of orders for indefinite delivery/indefinite
quantity contracts with the U.S. federal government; budget
uncertainty for the U.S. federal government, including risks of
future budget cuts, the impact of continuing resolution funding
mechanisms and the potential for shutdowns; the impact of any U.S.
Department of Defense solicitation for competition for future
contracts to produce military vehicles; risks related to the
collectability of receivables, particularly for those businesses
with exposure to construction markets; the cost of any warranty
campaigns related to the Company’s products; risks associated with
international operations and sales, including compliance with the
Foreign Corrupt Practices Act; risks that a trade war and related
tariffs could reduce the competitiveness of the Company’s products;
the Company’s ability to comply with complex laws and regulations
applicable to U.S. government contractors; cybersecurity risks and
costs of defending against, mitigating and responding to data
security threats and breaches impacting the Company; the Company’s
ability to successfully identify, complete and integrate other
acquisitions and to realize the anticipated benefits associated
with the same; and risks related to the Company’s ability to
successfully execute on its strategic road map and meet its
long-term financial goals. Additional information concerning these
and other factors is contained in the Company’s filings with the
Securities and Exchange Commission, including the Form 8-K filed
today. All forward-looking statements speak only as of the date of
this news release. The Company assumes no obligation, and disclaims
any obligation, to update information contained in this news
release. Investors should be aware that the Company may not update
such information until the Company’s next quarterly earnings
conference call, if at all.
About Oshkosh
Corporation
At Oshkosh (NYSE: OSK), we make innovative, mission-critical
equipment to help everyday heroes advance communities around the
world. Headquartered in Wisconsin, Oshkosh Corporation employs
approximately 18,000 team members worldwide, all united behind a
common purpose: to make a difference in people’s lives. Oshkosh
products can be found in more than 150 countries under the brands
of JLG®, Hinowa, Power Towers, Pierce®, MAXIMETAL, Oshkosh®
Defense, McNeilus®, IMT®, Jerr-Dan®, Frontline™ Communications,
Oshkosh® Airport Products, Oshkosh AeroTech™ and Pratt Miller. For
more information, visit oshkoshcorp.com.
________
®, ™ All brand names referred to in this news release are
trademarks of Oshkosh Corporation or its subsidiary companies.
OSHKOSH CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(In millions, except share and
per share amounts; unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net sales
$
2,846.9
$
2,413.1
$
5,390.7
$
4,681.2
Cost of sales
2,300.8
1,988.6
4,374.6
3,922.9
Gross income
546.1
424.5
1,016.1
758.3
Operating expenses:
Selling, general and administrative
220.0
185.4
416.8
384.5
Amortization of purchased intangibles
13.6
4.2
27.1
8.1
Intangible asset impairments
51.6
—
51.6
—
Total operating expenses
285.2
189.6
495.5
392.6
Operating income
260.9
234.9
520.6
365.7
Other income (expense):
Interest expense
(32.0
)
(13.3
)
(54.4
)
(26.7
)
Interest income
1.7
5.2
3.3
11.4
Miscellaneous, net
(1.5
)
4.8
(3.5
)
10.6
Income before income taxes and losses of
unconsolidated affiliates
229.1
231.6
466.0
361.0
Provision for income taxes
53.5
56.3
108.2
90.5
Income before losses of unconsolidated
affiliates
175.6
175.3
357.8
270.5
Losses of unconsolidated affiliates
(7.0
)
(0.3
)
(9.8
)
(7.0
)
Net income
$
168.6
$
175.0
$
348.0
$
263.5
Earnings per share:
Basic
$
2.57
$
2.68
$
5.30
$
4.03
Diluted
2.56
2.67
5.27
4.01
Basic weighted-average shares
outstanding
65,531,669
65,308,210
65,630,571
65,373,748
Dilutive equity-based compensation
awards
358,108
354,312
378,144
372,642
Diluted weighted-average shares
outstanding
65,889,777
65,662,522
66,008,715
65,746,390
OSHKOSH CORPORATION
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In millions; unaudited)
June 30,
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$
141.4
$
125.4
Receivables, net
1,619.9
1,316.4
Unbilled receivables, net
930.5
771.6
Inventories
2,216.5
2,131.6
Income taxes receivable
39.1
42.2
Other current assets
94.9
93.6
Total current assets
5,042.3
4,480.8
Property, plant and equipment:
Property, plant and equipment
2,237.7
2,162.6
Accumulated depreciation
(1,132.1
)
(1,093.1
)
Property, plant and equipment, net
1,105.6
1,069.5
Goodwill
1,370.7
1,416.4
Purchased intangible assets, net
783.6
830.2
Deferred income taxes
264.2
262.0
Deferred contract costs
809.5
710.7
Other non-current assets
345.6
359.6
Total assets
$
9,721.5
$
9,129.2
Liabilities and Shareholders’
Equity
Current liabilities:
Revolving credit facilities
$
1,036.5
$
175.0
Accounts payable
1,046.3
1,214.5
Customer advances
673.7
706.9
Payroll-related obligations
191.7
242.5
Income taxes payable
83.3
308.0
Other current liabilities
460.2
442.7
Total current liabilities
3,491.7
3,089.6
Long-term debt
599.1
597.5
Non-current customer advances
1,166.1
1,190.7
Deferred income taxes
25.3
26.8
Other non-current liabilities
514.4
519.3
Commitments and contingencies
Shareholders’ equity
3,924.9
3,705.3
Total liabilities and shareholders’
equity
$
9,721.5
$
9,129.2
OSHKOSH CORPORATION
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions; unaudited)
Six Months Ended June
30,
2024
2023
Operating activities:
Net income
$
348.0
$
263.5
Depreciation and amortization
94.5
64.3
Intangible asset impairments
51.6
—
Stock-based incentive compensation
20.4
15.6
Loss on sale of business, net of tax
—
11.0
Deferred income taxes
(3.7
)
(75.6
)
Other non-cash adjustments
13.9
2.7
Changes in operating assets and
liabilities
(1,091.5
)
(328.1
)
Net cash used in operating activities
(566.8
)
(46.6
)
Investing activities:
Additions to property, plant and
equipment
(139.6
)
(129.8
)
Acquisition of businesses, net of cash
acquired
(7.8
)
(187.9
)
Proceeds from sale of business, net of
cash sold
—
22.5
Other investing activities
(1.9
)
(0.2
)
Net cash used in investing activities
(149.3
)
(295.4
)
Financing activities:
Proceeds from issuance of debt
2,670.5
—
Repayments of debt
(1,809.0
)
(25.2
)
Dividends paid
(60.2
)
(53.6
)
Repurchases of Common Stock
(54.6
)
(22.6
)
Other financing activities
(13.9
)
(7.7
)
Net cash provided by (used in) financing
activities
732.8
(109.1
)
Effect of exchange rate changes on cash
and cash equivalents
(0.7
)
0.7
Increase (decrease) in cash and cash
equivalents
16.0
(450.4
)
Cash and cash equivalents at beginning of
period
125.4
805.9
Cash and cash equivalents at end of
period
$
141.4
$
355.5
OSHKOSH CORPORATION
SEGMENT INFORMATION
(In millions; unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Net Sales
Access
Aerial work platforms
$
675.6
$
664.9
$
1,266.6
$
1,266.9
Telehandlers
428.6
390.8
802.0
732.2
Other
302.7
272.6
575.8
522.4
Total Access
1,406.9
1,328.3
2,644.4
2,521.5
Defense
Defense
562.4
498.1
1,099.3
1,011.2
Delivery vehicles
36.3
—
36.3
—
Total Defense
598.7
498.1
1,135.6
1,011.2
Vocational
Fire apparatus
354.5
296.5
681.7
584.9
Refuse collection
176.9
157.9
324.2
299.8
Other
311.7
133.1
609.6
265.5
Total Vocational
843.1
587.5
1,615.5
1,150.2
Corporate and intersegment
eliminations
(1.8
)
(0.8
)
(4.8
)
(1.7
)
Consolidated
$
2,846.9
$
2,413.1
$
5,390.7
$
4,681.2
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Operating Income (Loss)
Access
$
246.5
$
211.7
$
454.6
$
346.7
Defense
(39.9
)
6.3
(28.6
)
8.0
Vocational
106.5
60.5
186.6
88.6
Corporate and intersegment
eliminations
(52.2
)
(43.6
)
(92.0
)
(77.6
)
Consolidated
$
260.9
$
234.9
$
520.6
$
365.7
June 30,
2024
2023
Period-end backlog:
Access
$
3,264.4
$
4,365.3
Defense
6,426.6
6,749.0
Vocational
5,678.2
3,851.5
Consolidated
$
15,369.2
$
14,965.8
Non-GAAP Financial
Measures
The Company reports its financial results in accordance with
generally accepted accounting principles in the United States of
America (GAAP). The Company is presenting various operating results
both on a GAAP basis and on a basis excluding items that affect
comparability of results. When the Company excludes certain items
as described below, they are considered non-GAAP financial
measures. The Company believes excluding the impact of these items
is useful to investors in comparing the Company’s performance to
prior period results. However, while adjusted operating income,
adjusted net income and adjusted earnings per share exclude
amortization of purchased intangibles and intangible asset
impairments, revenue and earnings of acquired companies are
reflected in adjusted operating income, adjusted net income and
adjusted earnings per share and intangible assets contribute to the
generation of revenue and earnings. Non-GAAP financial measures
should be viewed in addition to, and not as an alternative for, the
Company’s results prepared in accordance with GAAP. The table below
presents a reconciliation of the Company’s presented non-GAAP
measures to the most directly comparable GAAP measures (in
millions, except per share amounts):
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Access segment operating income (GAAP)
$
246.5
$
211.7
$
454.6
$
346.7
Amortization of purchased intangibles
2.3
2.3
4.6
3.3
Adjusted Access segment operating income
(non-GAAP)
$
248.8
$
214.0
$
459.2
$
350.0
Defense segment operating income (loss)
(GAAP)
$
(39.9
)
$
6.3
$
(28.6
)
$
8.0
Amortization of purchased intangibles
1.4
1.2
2.7
2.8
Intangible asset impairments
51.6
—
51.6
—
Restructuring costs
—
—
—
0.8
Adjusted Defense segment operating income
(non-GAAP)
$
13.1
$
7.5
$
25.7
$
11.6
Vocational segment operating income
(GAAP)
$
106.5
$
60.5
$
186.6
$
88.6
Amortization of purchased intangibles
12.0
0.7
24.0
2.0
Acquisition costs
—
1.3
—
1.3
Loss on sale of a business
—
—
—
13.3
Restructuring costs
—
0.7
—
3.0
Adjusted Vocational segment operating
income (non-GAAP)
$
118.5
$
63.2
$
210.6
$
108.2
Corporate operating expenses (GAAP)
$
(52.2
)
$
(43.6
)
$
(92.0
)
$
(77.6
)
Restructuring costs
—
—
—
0.6
Adjusted Corporate operating expenses
(non-GAAP)
$
(52.2
)
$
(43.6
)
$
(92.0
)
$
(77.0
)
Consolidated operating income (GAAP)
$
260.9
$
234.9
$
520.6
$
365.7
Amortization of purchased intangibles
15.7
4.2
31.3
8.1
Intangible asset impairments
51.6
—
51.6
—
Acquisition costs
—
1.3
—
1.3
Loss on sale of a business
—
—
—
13.3
Restructuring costs
—
0.7
—
4.4
Adjusted consolidated operating income
(non-GAAP)
$
328.2
$
241.1
$
603.5
$
392.8
Three Months Ended June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Miscellaneous, net (GAAP)
$
(1.5
)
$
4.8
$
(3.5
)
$
10.6
Pension advisor settlement
—
—
—
(4.7
)
Adjusted miscellaneous, net (non-GAAP)
$
(1.5
)
$
4.8
$
(3.5
)
$
5.9
Provision for income taxes (GAAP)
$
53.5
$
56.3
$
108.2
$
90.5
Income tax effects of adjustments
16.1
1.6
20.0
4.6
Adjusted provision for income taxes
(non-GAAP)
$
69.6
$
57.9
$
128.2
$
95.1
Net income (GAAP)
$
168.6
$
175.0
$
348.0
$
263.5
Amortization of purchased intangibles
15.7
4.2
31.3
8.1
Intangible asset impairments
51.6
—
51.6
—
Acquisition costs
—
1.3
—
1.3
Loss on sale of a business
—
—
—
13.3
Restructuring costs
—
0.7
—
4.4
Pension advisor settlement
—
—
—
(4.7
)
Income tax effects of adjustments
(16.1
)
(1.6
)
(20.0
)
(4.6
)
Impairment of equity method investment,
net of tax
—
—
—
5.9
Adjusted net income (non-GAAP)
$
219.8
$
179.6
$
410.9
$
287.2
Earnings per share-diluted (GAAP)
$
2.56
$
2.67
$
5.27
$
4.01
Amortization of purchased intangibles
0.24
0.06
0.48
0.12
Intangible asset impairments
0.78
—
0.78
—
Acquisition costs
—
0.02
—
0.02
Loss on sale of a business
—
—
—
0.20
Restructuring costs
—
0.01
—
0.07
Pension advisor settlement
—
—
—
(0.07
)
Income tax effects of adjustments
(0.24
)
(0.02
)
(0.30
)
(0.07
)
Impairment of equity method investment,
net of tax
—
—
—
0.09
Adjusted earnings per share-diluted
(non-GAAP)
$
3.34
$
2.74
$
6.23
$
4.37
2024 Expectations
Earnings per share-diluted (GAAP)
$
10.45
Amortization of purchased intangibles, net
of tax
0.70
Intangible asset impairments, net of
tax
0.60
Adjusted earnings per share-diluted
(non-GAAP)
$
11.75
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240730083965/en/
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